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Finance

Circle Launches Venture Capital Fund for Early Stage Blockchain Projects

The fund, which doesn’t have a predetermined monetary amount, has already deployed initial capital.

By Brandy Betz
AccessTimeIconNov 9, 2021 at 6:41 p.m. UTC
Updated May 11, 2023 at 4:11 p.m. UTC
Circle was the target of an "email fraud incident" in June, according to new SEC filings.
Circle was the target of an "email fraud incident" in June, according to new SEC filings.

Circle, the digital currency company that jointly administers the USDC stablecoin with Coinbase, has launched the Circle Ventures fund to support early stage blockchain projects and companies.

  • The fund doesn’t have a predetermined monetary amount, Circle told CoinDesk, and has already deployed initial capital.
  • “Circle’s mission is to raise global economic prosperity through the frictionless exchange of financial value. Achieving it is ambitious and will take a village of many, many people and projects and companies to develop the technologies, the products and protocols needed to get us there,” wrote Circle CFO Jeremy Fox-Geen in a blog post announcing the launch.
  • “Through Circle Ventures, we will be now able to bring our financial capital to bear, support these compelling early stage companies in a new way, and accelerate their development and contributions to our shared mission,” Fox-Geen added.
  • Circle announced plans earlier this year to go public through a reverse merger with Concord Acquisition Corp., a publicly traded special purpose acquisition company (SPAC). The deal, which values Circle at $4.5 billion, is expected to close before the end of the year.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter
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    CircleVenture Capital